The Robustness of the Conditional CAPM with Human Capital
The Robustness of the Conditional CAPM with Human Capital
复制标题
人力资本条件 CAPM 的稳健性
DOI：
10.1093/jjfinec/nbg012
复制
发表时间：
2003
影响因子：
2.5
通讯作者：
Ignacio Palacios
中科院分区：
文献类型：
--
作者：
Ignacio Palacios
实证评估的稳健性的条件资本资产定价模型（CAPM）与人力资本解释的横截面变异性的证券收益。该模型在文献中使用人均劳动收入增长率进行了评估。本文着眼于人力资本回报的更丰富的措施。它制定的措施，包括教育投资的成本和效益，技能溢价，工人的经验，和人力资本市场的其他相关功能。它还考虑了有助于预测未来人力资本回报的变量。我们发现，其中一些更丰富的措施，帮助大幅提高模型的性能。
An empirical evaluation is provided of the robustness of the conditional capital asset pricing model (CAPM) with human capital to explain the cross-sectional variability of security returns. This model has been evaluated in the literature using the growth rate in per capita labor income. This article looks at richer measures of human capital returns. It develops measures that incorporate the costs and benefits of educational investment, skill premiums, worker experience, and other relevant features of human capital markets. It also considers variables that help to forecast future human capital returns. We find that some of these richer measures help improve substantially the performance of the model.